GLOBAL - Northern Trust Corporation announced record net income for 2006, boosted by a strong fourth quarter, and 13% growth in assets under management to US$697bn.
Net income was up 14% on the previous year to a record $665.4m.
Commenting on the results, CEO William Osborn said: “Solid year over year revenue growth resulted in our eighth consecutive quarter of double-digit earnings per share growth. Client assets also grew at a double-digit rate, with assets under custody increasing 21% to $3.5trn and assets under management increasing 13% to $697bn.”
Corporate and Institutional Services assets under management totalled $562.5bn, a 12% increase from 2005. Fees from asset management in the fourth quarter grew 9% from the previous year to $67m.
According to the results statement, the December 31 adoption of a new accounting standard in the US for defined benefit pension plans reduced stockholders equity by $160m. The change required employers to recognise any previously unrecognised actuarial gains/losses and prior service costs, net of tax, in accumulated other comprehensive income.
Bertschi UK automatically enrols its employees into a health cash plan. Nick Martindale looks at how it put the scheme in place.
Baywater Healtcare decided to implement a cash plan after a management buyout from its US owners. Nick Martindale looks at how it put the scheme in place.
This week's edition of Professional Pensions is out now
PTL has appointed Karein Davie as a client director in its Birmingham office.